Rates of two- and five-year fixes were cut by up to 0.31%
Fintech mortgage lender MPowered Mortgages has again reduced its rates across its suite of two- and five-year fixed rate products.
On its prime two-year fixed products, rates have been slashed by up to 0.31%. Rates now start at 4.54% on purchases, and 4.39% for remortgages with a £1,999 arrangement fee. For those looking for a two-year fixed product without an arrangement fee, rates now start at 4.94% for both purchases and remortgages.
The lender has also reduced rates across its full range of five-year fixed rate products. New rates on five-year fixed rate products begin at 4.13% for those planning to remortgage, while five-year fixes for purchases start at 4.14%.
All applications with MPowered include a free valuation, with remortgage applications also getting a £500 cashback on completion.
The changes follow the lender’s recent announcement that it has increased its maximum loan-to-income ratio to up to 5.5 times for employed applicants. It also recently reduced rates across its set of five-year fixes, as well as all three-year fixed rate products up to 75% loan-to-value.
“We are delighted to announce our new rates as part of efforts to meet the needs of homeowners and buyers during what is a challenging time to purchase or remortgage a home,” Emma Hollingworth (pictured), managing director of mortgages at MPowered Mortgages, commented. “The good news is rates are coming down, and we hope to continue to be able to offer competitive mortgages to prospective and existing homeowners.”
The complete list of MPowered Mortgages’ products is available on its website.
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